Suppose Two Dice, One Blue and One Red, Are Rolled

question 235

Multiple Choice

Suppose two dice, one blue and one red, are rolled and the outcomes of each are recorded. We define the following two events:
A: sum of the roll is 7
B. the result of the blue die is a number greater than 4
Are the two events, A and B, independent events?

• A)Yes
• B)No

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Definitions:

Persistent Shortage

A situation where the demand for a good or service consistently exceeds its supply, over a significant period of time.

Deadweight Loss

The loss of economic efficiency when the equilibrium for a good or a service is not achieved or is not achievable.

Rent Control

A government policy or law that sets a maximum price landlords can charge for rent.

Opportunity Costs

The cost of the next best alternative foregone when making a decision.